Medicare updates Part 1 of a series

byMKearns

7.6K followers

6 years ago

Many of you are likely on medicare. Be aware that the open enrollment period is at hand. This runs from Oct 15 to Dec 7 This is part 1 covering your care and coverage. Part 2 will follow soon dealing with your budget and your home. There are tnings to be considered here:

1. Do you want to keep your current doctors? Some doctors will recognize original Medicare but don't participate in Medicare Advantage plans. these dont operate like a Paid provider Option (PPO) or Healh Maintenence Option (HMO) Some doctors do the opposite. Ask your physicians exactly what coverage they accept before making any changes.
   
2. Do you have pre-existing conditions? Medicare covers you regardless. Be carefuil if you have a supplemental Medicare (Medigap) plan. With a condition, you can be turned down or made to wait 6 months before you enroll.
3. Are you taking medications regularly? Each part D prescription plan differes in the type and method of coverage drugs. Use meicare.gov/find-a-plan for comparison.
4. Changing pharmacies to economize. For part D you can lower costs using a list of preferred pharmacies or using mail delivery.
5. Do you have existing insurance coverage through your own or a spouse's job? If your existing coverage is with a company of 20 or more employees you can delay signing up for medicare without penalty. You must however sign up within 8 months after the subject employment ends however.
6. Is the Affordable care Act (ACA) involved? If you dont switch when first eligible,you face late enrollment penalties of 10% per year for life Remember you are no longer eligible for tax credits age 65 on
   
7. Cobra coverage? This coverage you can buy after leaving a position doesn't count as creditable coverage under existing medicare rules. When current employee coverage ends a timer begins. You have eight (8) months to sign up for medicare free of penalties
8. Health Insurance on your retiree account? Sign up for Medicare part B when eligible to avoid a penalty
9. Military Tricare for life program. If you are receiving Tricare benefits Sign up for part A (hospital) or part B (outpatient) at the proper time after age 65.. This will help pay additional cost
   

Though we are entrepreneurs in the main; We need to be aware and take advantage of all the benefits our taxing society allows. This post is written with that advisory in mind!